Thyssenkrupp Nucera posts 30% annual sales growth
German electrolysis specialist Thyssenkrupp Nucera AG & Co KgaA (ETR:NCH2) on Tuesday said it delivered robust results in the financial year through September despite challenging market conditions, lifting sales by 30% year-over-year to EUR 862 million (USD 905m).The increase, which reflects on-schedule execution of customer projects, was driven by a 60% growth in the sales of alkaline water electrolysis (AWE) technology for green hydrogen production, up to EUR 524 million.Orders in the AWE segment jumped 73% to EUR 356 million, contributing to a 4% rise in total order intake to EUR 636 million.Thyssenkrupp Nucera, which reported preliminary results in November, recorded negative EBIT of EUR 14 million, compared to a positive level of EUR 25 million in the previous year. The decline is due to higher research and development expenses and administrative costs as the company is implementing its growth strategy. Thanks to increased interest income, however, it generated a net profit from continuing operations of EUR 11 million.“The long-term growth prospects of thyssenkrupp nucera remain intact. We have a strong financial base and are excellently positioned for growth in the green hydrogen market with our technology, products and employees,” said CEO Werner Ponikwar.“We are well positioned to cope with the current phase of temporarily somewhat slower growth thanks to our stable cash flow from the chlor-alkali business, our asset-light business model and our strong balance sheet,” the CEO added.In the reporting year, Thyssenkrupp Nucera recorded over EUR 300 million in project bookings after receiving the full notice to proceed from Stegra, the Swedish company building Europe's first large-scale green steel plant, which will include a 700-MW water electrolyser. The company also made progress on the NEOM project in Saudi Arabia, delivering around half of the over 2 GW of capacity of standardised 20 MW modules by September 30, 2024.OUTLOOKFor the fiscal year 2024/25, the company expects sales to range between EUR 850 million and EUR 950 million, potentially exceeding the level in the year just concluded. Sales in the green hydrogen segment are projected to be between EUR 450 million and EUR 550 million.EBIT is forecast to fall between negative EUR 30 million and positive EUR 5 million, with the outcome largely dependent on the execution and revenue recognition of the existing order backlog. In the green hydrogen segment, EBIT is expected to improve to a negative mid-double-digit million euro range from the previous year’s EUR-76-million loss.(EUR 1 = USD 1.050)
German electrolysis specialist Thyssenkrupp Nucera AG & Co KgaA (ETR:NCH2) on Tuesday said it delivered robust results in the financial year through September despite challenging market conditions, lifting sales by 30% year-over-year to EUR 862 million (USD 905m).
The increase, which reflects on-schedule execution of customer projects, was driven by a 60% growth in the sales of alkaline water electrolysis (AWE) technology for green hydrogen production, up to EUR 524 million.
Orders in the AWE segment jumped 73% to EUR 356 million, contributing to a 4% rise in total order intake to EUR 636 million.
Thyssenkrupp Nucera, which reported preliminary results in November, recorded negative EBIT of EUR 14 million, compared to a positive level of EUR 25 million in the previous year. The decline is due to higher research and development expenses and administrative costs as the company is implementing its growth strategy. Thanks to increased interest income, however, it generated a net profit from continuing operations of EUR 11 million.
“The long-term growth prospects of thyssenkrupp nucera remain intact. We have a strong financial base and are excellently positioned for growth in the green hydrogen market with our technology, products and employees,” said CEO Werner Ponikwar.
“We are well positioned to cope with the current phase of temporarily somewhat slower growth thanks to our stable cash flow from the chlor-alkali business, our asset-light business model and our strong balance sheet,” the CEO added.
In the reporting year, Thyssenkrupp Nucera recorded over EUR 300 million in project bookings after receiving the full notice to proceed from Stegra, the Swedish company building Europe's first large-scale green steel plant, which will include a 700-MW water electrolyser. The company also made progress on the NEOM project in Saudi Arabia, delivering around half of the over 2 GW of capacity of standardised 20 MW modules by September 30, 2024.
OUTLOOK
For the fiscal year 2024/25, the company expects sales to range between EUR 850 million and EUR 950 million, potentially exceeding the level in the year just concluded. Sales in the green hydrogen segment are projected to be between EUR 450 million and EUR 550 million.
EBIT is forecast to fall between negative EUR 30 million and positive EUR 5 million, with the outcome largely dependent on the execution and revenue recognition of the existing order backlog. In the green hydrogen segment, EBIT is expected to improve to a negative mid-double-digit million euro range from the previous year’s EUR-76-million loss.
(EUR 1 = USD 1.050)
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